The Accounts Payable (AP) division focuses on purchases and payments. The faster the company pays the bill, the higher its balance. Wouldn’t it be great to reverse the current accounting process without making it ineffective on paper? Use document management software to automate the accounting process. Your company can have a central repository to track invoices electronically, simplify workflow, and access invoice data anytime and anywhere. But that is not all! The five direct benefits of Accounts Payable automation are:
Accurately extract valuable information:
Document management software provides the tools AP departments need to process invoices faster and accurately. No matter how you receive your invoice (fax, email, email, etc.), AP Automation solutions automatically capture critical business accounting data and push it directly to your customers. Database document management eliminates manual data entry while allowing users to manage documents more efficiently. The system can extract valuable data such as customer name, purchase order number, date, quantity, cost, etc. Accurately index all documents in your system for easy retrieval. This unique integration simplifies data processing and collaboration through powerful capture automation.
Immediately perform a triple match:
The key to instant invoice approval is to verify that you have received what you plan to purchase and that the terms and amounts match the original purchase order. This process is called a “tri-match. It is always one. Document management software uses intelligent data recognition technology to automatically match received invoices with their respective purchase orders and invoices. Once a match is confirmed, the invoice is automatically routed for final approval and payment, eliminating PA employee time and allowing them to focus on higher priorities.
Automated invoice processing route documents for approval.
Access point automation solutions automatically capture documents, categorize them and deliver them to the right people for review, encoding and approval. This hands-free process sends critical accounting data to the approval manager quickly and efficiently. You can then stamp digital signatures on digital records such as purchase orders, expense approvals and invoice approvals to secure stages in the approval process and eliminate the risk of unknown changes to customer data. Automated approval workflow allows you to approve and pay for purchases faster, significantly reducing paperwork.
Users can benefit from integration with standard accounting systems. Once billing data has been entered, document management software can automatically feed this information into existing financial systems. To know more, you can click here.
Continue automated invoice processing to comply with all obligations:
Digitizing financial documents makes managing income and expense data easier and completely flexible, reducing the burden on the accounting team. Document workflows are categorized and categorized automatically
Accurate Accounts Payable data for all types of monitoring and auditing that may be required. PA automation, including tax planning, tax estimation, and tax return filing, will significantly increase the productivity of accounting staff in creating and filing federal and state tax forms that are fully compliant with all obligations.
One of the biggest challenges in business accounting is managing finances manually, with a lot of paperwork. With good invoicing software like automated invoice processing, as an entrepreneur, you can filter your invoices by days, payment status or customer. In addition, it ensures compliance with the law and the correct numbering of invoices and compliance with legal notices.
Ease of reporting
By adopting Accounts Payable software, you can easily create reports with just a few clicks. In addition, you will have your personalized dashboard, where you can view invoice information. You can also manage multiple company financial records and customer-supplier records. You can calculate tax returns efficiently. Besides, it allows you to report on purchasing habits and realize better cash flow projection to make informed decisions.
The Medius software allows you to consult your invoices directly from a smartphone. In other words, you can access it anytime, anywhere. You’ll stay connected to your billing system even when you’re on the go with remote access.